Quote:
‘Nothing fortuitous happens in a child’s world. There are no accidents. Everything is connected with everything else and everything can be explained by everything else…For a young child everything that happens is a necessity’. John Berger (1926-)
The News:
US Vehicle Sales 9.6M, lowest since 1982, Domestic Cars –44%; Hyundai and Kia sales increase so Asian brands grab record market share.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
00:01 GB January Nationwide Consumer Confidence 40 versus revised 48 December.
09:30 GB January Services PMI (38 to 41 versus 40.2 December).
10:00 EZ15 December Retail Sales (-1.0% to +0.5% M/M, -2.0% to +2.0% Y/Y, vs +0.6% and –1.5% November).
12:30 US January Challenger Job Cuts (versus +274.5% December).
13:00 NO Norges Bank interest rate decision (unanimously expect –50 basis points to 2.50%); News Conference 13:45.
13:15 US January ADP Employment Change (-720K to –487K versus –693K December).
15:00 US January Non-Manufacturing ISM (35 to 44 versus 40.1 December).
The Psychology:
The Bank of England’s MPC starts a two-day rate-setting meeting with Building Societies urging them not to cut any further (nearly all favour a 50 basis point cut to 1.00%).
The Risk:
Treasury bond auctions in Canada (10-year), UK (£2B 4.25% 2049), and US (30-year).
Today’s most interesting chart: Mexican peso
Weakest ever as it breaks above a right-angled ‘triangle’.
